Bitcoin Struggles to Break $38K
Once again, Bitcoin made an attempt to surpass the $38,000 mark in the last 24 hours but faced resistance, similar to previous attempts.
Yesterday, most altcoins experienced significant drops, with SOL, LINK, MATIC, AVAX, and DOGE all losing over 5% of their value.
Unsuccessful Attempt to Break $38,000
Last week, Bitcoin’s failed attempt to break the $38,000 line led to immediate price rejection, causing the cryptocurrency to drop below $36,000. However, the decline was intercepted by the bulls, preventing further drops.
Bitcoin managed to recover some ground over the weekend, maintaining a tight range between $36,000 and $36,500 for the following days. The cryptocurrency saw a notable increase on Monday, reaching $37,500, but was halted at $37,800 after a brief retracement.
Despite facing resistance, Bitcoin is still trading above $37,000 and maintains a market cap just under $730 billion, with a dominance over altcoins at 51.7% on CMC.
BNB Soars Amid Regulatory News
Binance made headlines yesterday as reports emerged of a potential $4 billion settlement with US regulators. Despite the colossal figure, this news had a positive impact on Binance Coin (BNB), causing it to surge from $240 to nearly $270, marking its highest price since June.
Although BNB has retraced slightly, it remains 4.5% up for the day and is the only major altcoin in the green at the moment.
On the other hand, Solana, Dogecoin, Chainlink, Polygon, and Avalanche have all experienced significant drops, losing up to 7% of their value in the past day. The overall crypto market cap has also shed approximately $20 billion daily, but still exceeds $1.4 trillion on CMC.
Hot Take: Market Volatility Continues
Bitcoin’s ongoing struggle to break the $38,000 mark illustrates the current market volatility, with altcoins also experiencing significant fluctuations. Regulatory news regarding Binance has caused ripples in the market, leading to a mixed performance among cryptocurrencies. Despite the overall market cap decline, the crypto market continues to maintain a significant valuation, indicating resilience amid turbulent times.
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